Corn +5 @ $6.47
Beans +9 @ $12.73
Wheat +15 @ $6.47
Good afternoon producers. Markets were definitely stronger today. Corn was +10c at one moment and beans neared +18c. Stronger export sales have helped corn this week. Crude and US $ stronger today. The Argentine Ag Ministry forecasts their soybean harvest at 43.5 to 45 MMT compared to the USA estimate of 48 MMT.
A lot of focus is still on South American weather and export demand for beans. Those two factors seem to give beans direction lately. CME stated, "Optimism on a Greek financial bailout plus a firm tone to international equity markets added to the positive tone. Ukraine feed wheat exports have competed with US corn on the world market this year so traders viewed the news that Ukraine will limit wheat exports for the remainder of the marketing year as a positive development for US corn exporters."
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